06-12-2023 BPU RPT 04 - Laserfiche WebLink

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Wk I E R I 'ER ERGY I L1 FE x P U B L I C U i I L I f 1 L S RIVERSIDE PUBLIC UTILITIES BOARD OF PUBLIC UTILITIES Board Memorandum DATE: JUNE 12, 2023 SUBJECT: COMMERCIAL ACCOUNT RIGHT OF ENTRY AGREEMENT WITH CHARTER COMMUNICATIONS OPERATING, LLC OPERATING AS CHARTER FOR A FIVE-YEAR TERM — MISSION SQUARE OFFICE BUILDING LOCATED AT 3750 UNIVERSITY AVENUE ISSUE: Consider recommending that the City Council approve a Commercial Account Right of Entry Agreement with Charter Communications Operating, LLC operating as Charter for a five-year term — Mission Square Office located at 3750 University Avenue. RECOMMENDATIONS: That the Board of Public Utilities recommend that the City Council: 1. Approve a Commercial Account Right of Entry Agreement with Charter Communications Operating, LLC operating as Charter for a five-year term; and 2. Authorize the City Manager, or designee, to execute the Commercial Account Right of Entry Agreement, including making minor, non -substantive changes, and to sign all documents and instruments necessary to complete the transaction. BACKGROUND: On October 13, 2015, the City acquired the Mission Square Building at 3750 University Avenue (Property), which was funded by Riverside Public Utilities (RPU). As such, RPU is now the Landlord of the Property. The Property consists of approximately 127,533 square feet of rentable office and retail space in a six -story building, plus a basement level and a 490 -parking stall garage situated on approximately 2.5 acres of land. On January 26, 2016, the City Council approved an Exclusive Authorization of Lease Agreement with Newmark of Southern California, Inc. dba Newmark Knight Frank (NKF) for a five-year term to provide broker leasing services for the Property. On January 5, 2021, the City Council approved a First Amendment to California Exclusive Authorization of Lease Agreement with Newmark of Southern California, Inc., dba Newmark Knight Frank (NKF) which extended the Agreement through December 31, 2025. RPU staff has been coordinating the leasing process for the Property with the Real Property Services Division of the Community & Economic Development Department and NKF as the broker for the Property.